The new parent company, National Electric Vehicle Sweden, acknowledged the issue in a status update regarding a new platform based on the Phoenix architecture, which the Swedish automaker had been developing before it went bankrupt in 2011.
“Even if the long term perspective of Nevs remains very exciting and promising it is a short term cash problem,” the company said in a statement.
The financial difficulties have been blamed on one of Nevs’ shareholders, Qinbgo Investment Co. The minor stakeholder has been accused of failing to fulfill its contractual obligations to finance ongoing operations, forcing Nevs’ main owner, National Modern Energy Holdings, to become the “sole financier” of the struggling automaker.
Saab’s all-electric 9-3 sedans promise a range of approximately 124 miles, omitting an internal-combustion engine in favor of an electric motor and lithium-ion batteries mounted low in the chassis.
The company was only producing six vehicles per day ahead of the production interruption. The initial run was limited to 200 units, all of which had been allocated for the Chinese market.
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